Global management consultancy Roland Berger on Tuesday announced it will work with a Swiss foundation to develop blockchain technology for a Voluntary Recycling Credit (VRC) that will be presented at COP28 in Dubai.
Roland Berger, the International Solid Waste Association (ISWA), and Beeah Group revealed in May that they would be working together to develop a first certified global standard for recycling credits.
The Switzerland-based Dfinity Foundation is a non-profit with over 250 patents for a blockchain called the Internet Computer.
When issued, VRCs will be tokenised as applying blockchain technology to guarantee a transparent, auditable, and secure record of recycling credits and transactions, the announcement said.
“We are honoured to have been selected by the Roland Berger team to collaborate on the Voluntary Recycling Credit,” said Dominic Williams, founder and chief scientist at the Dfinity Foundation.
“This initiative aligns with the core values of our team at Dfinity and Internet Computer, as we always look to ensure the blockchain remains at the forefront of sustainability and work with leading enterprises.”
CRISIS RESPONSE
This latest type of environmental credits is intended as a response to the global waste crisis, a major source of pollution that is driving biodiversity loss as well as climate change.
“Addressing the global waste crisis requires not just innovation, but collaboration at an unprecedented scale. With the development of the VRC platform, we are bridging the realms of technology and sustainability to forge a cleaner future,” said Hani Tohme, managing partner at Roland Berger Middle East.
“I am immensely proud of our contribution to this pioneering initiative, and we have a unique opportunity to redefine waste management and make tangible strides in environmental stewardship.”
Intentions to design the VRCs were announced on the sidelines of UN plastic negotiations earlier this year, but unlike the credits designed by organisations like Verra and the Plastic Credit Exchange to reduce plastic pollution, VRCs will also cover other types of waste, including aluminium.
“The long-term vision for VRC extends beyond just waste management. It is about facilitating the adoption of extended producer responsibility schemes and revisiting production chains to diminish the dependency on raw materials, replacing them with recycled alternatives,” Tuesday’s announcement said.
“This, in turn, reduces landfill waste, supporting the broader objectives of the Paris Agreement.”
The VRC founders hope the credits will provide a financial boost for recyclers, leading to increased investments in collection and recycling technology, while the market will offer an opportunity for companies to meet their own voluntary environmental goals, similar to the voluntary carbon market.
“With the waste sector contributing immensely to this planetary crisis, the VRC initiative addresses a global issue – the 2 billion tonnes of municipal solid waste produced annually, and the very low recycling rate of less than 10% for global plastic waste,” it said.
The initiative has been endorsed by the environment and climate change ministry of the United Arab Emirates, and will be launched formally at the Dubai climate COP in November/December.
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